Ron Paul Introduces Homeowner Tax Credit Extension and Expansion Act




Congressman Ron Paul today introduced legislation to permanently extend the first-time homebuyer tax credit and to make the credit available to people whose homes have been destroyed by a natural disaster, such as a hurricane.

The legislation also makes a number of changes to existing tax credits in order to enhance their usefulness to victims of natural disasters. Specifically, this bill makes casualty loss deductions available to taxpayers who do not itemize, and makes it available to them for five years after the disaster. This legislation also helps people who have lost their jobs because of a natural disaster by making unemployment payments provided under the Disaster Relief and Emergency Assistance Act tax free.

Renewing the first-time home buyer’s credit will help Americans purchase a first home with their own money, instead of having to rely on government-funded or backed programs.

The other sections of this legislation were inspired by conversations Congressman Paul and his staff had with constituents who had to purchase new homes because Hurricane Ike destroyed their prior homes. The first-time homebuyer’s tax credit could be of tremendous value to these people, yet the law denies them the credit because they are replacing destroyed homes.

Statement Introducing the Homeowner Tax Credit Extension and Expansion Act

May 25, 2010

Ron Paul: Madam Speaker, today I introduce legislation to permanently extend the first-time homebuyer tax credit and to make the credit available to people whose homes have been destroyed by a natural disaster, such as a hurricane. The legislation also makes a number of changes to existing tax credits in order to enhance their usefulness to victims of natural disasters. Specifically, this bill makes the casualty loss deductions available to taxpayers who do not itemize and it makes the casualty loss provision available for five years after the disaster. This legislation also helps people who have lost their jobs because of a natural disaster by making unemployment payments provided under the Disaster Relief and Emergency Assistance Act tax free.

Renewing the first-time home buyer’s credit will help Americans purchase a first home with their own money, instead of having to rely on government-funded or backed programs. The other sections of this legislation were inspired by conversations my staff and I had with constituents who had to purchase new homes because Hurricane Ike destroyed their prior homes. The first-time homebuyer’s tax credit could be of tremendous value to these people, yet the law denies them the credit because they are replacing destroyed homes. My bill not only reinstates that first-time homebuyer’s credit, it also corrects that oversight.

It is hard to think of a more beneficial or compassionate expansion of the first-time homebuyer tax credit than to make the credit available to those whose homes have been destroyed or damaged by natural disasters. In addition, the changes to the casualty loss provision will help more taxpayers affected by natural disasters. Repealing the taxes on unemployment benefits provided to people affected by nature disasters will ensure those forced onto the unemployment rolls because of a natural disaster are not further burdened by having to pay taxes on their unemployment benefits. Providing tax relief to first-time homebuyers and to those affected by natural disasters should be one of Congress’ top priorities. I therefore urge my colleagues to join me in supporting this legislation.



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13 Comments:

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  4. Outstanding read, I just passed this onto a friend who was doing a little research on that. And he actually bought me lunch because I located it for him smile So let me rephrase that: Thanks for lunch!

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  5. But a tax credit helps people buy a home with their own money. Its just the Gov giving you back money they should not have taken in the first place. Good move by Ron Paul.

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  6. Eyes Wide Open

    First time home buyer tax credit has been great. It has helped my sister and brother both purchase small starter homes in affordable areas. They were able to move from our parents home, start their own lives, begin buying furniture, food, paying for utilities, buying dog food, turning the American machine? Is this not the great American ideal that all you conservatives bellyache about getting back? The one Obama is apparently stealing from you? Think young again, even if it hurts.

    The GI's who came home after WWII sure appreciated a break. They built most of the suburbs you all run your Macbooks from with Government Aid.

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  7. Gavshire Hathaway

    Pathetic. This is a counterproductive proposal, and Ron Paul will lose my support if he continues down this ruinous path.

    Let house prices correct to sustainable levels. As a potential buyer, there is nothing I'd like less than to "qualify" for a ponzi tax credit. Furthermore, please keep the government out of the mortgage market as well.

    I do not care to be a debt slave for life, Mr. Paul.

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  8. If we actually want to help poor people, just give them some friggin money like we gave the bankers. "Two wrongs don't make a right", you say? When you're talking about giving money away, what's important is *parity*. You can't take the banker's dollar back from his pocket but you can reduce its purchasing power by giving the same amount to everyone else. Similarly, we can't take back the money we gave to Fannie/Fraudy bondholders (at home and abroad), but we can give away money to everyone else and thereby reduce the purchasing power of that FF bailout money.

    In contrast, encouraging poor people to become debt slaves (by buying an expensive, possibly depreciating asset worth many years of income) is irresponsible.

    And, if there is anything I agree with libertarians about, it's the idea that our government should get the heck out of the housing market. So, again, is this headline a joke?

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  9. >> Ron Paul Introduces Homeowner Tax Credit Extension and Expansion Act

    Is this a joke? I'm still not sure. Are there two politicians named "Ron Paul" ?

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  10. Extension of the first time buyers tax credit has to be done to help lower income Americans and to shore up this sinking economy. Hopefully, partisan politics will be set aside, though I sincerely doubt it.

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  11. A flat tax would be a good start to have our fiscal houses in order so the debt won't be as severe as it is now!

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  12. I'm no ideologue personally, but this action would seem to be contradictory to the Austrian Economic Model. According to Austrian Economist, at least as far as I gather, government intervention creates market distortions, which lead to consequences that are both unintended and ultimately counterproductive.

    It's fascinating that on these message boards how most Ron Paul supporters are defending this action. If it were Barney Frank introducing the same idea, I wonder if Ron Paul supporters would react the same way?

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  13. A continuation of the Tax Credit is a great incentives and might further help absorb all that Over Built housing however....

    Tax reform where everyone pays (Fair Tax in lieu of progressive Income Tax) along with sound money (no more Fractional Reserve Banking) would be a GREAT START toward a Fiscally Responsible Government.

    Right now we have Political Spend Thrifts who are clueless about real wealth and public responsibility.

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